Why Marvell Technology's Stock Is Trading Higher Today

Marvell Technology MRVL shares are trading higher on Wednesday after Argus Research maintained its Buy rating on the stock and raised its price target from $40 to $50 per share.

Marvell Technology designs integrated circuits primarily for data storage, networking, and communications. Historically, the firm focused on storage, where it is still a key supplier to hard-disk drive and solid-state drive makers but has strategically emphasized networking to offset declining HDD technology.

The firm has since diversified via acquisitions and supplies chips to the networking and consumer electronic spaces. Marvell outsources its production to third-party foundries.

Marvell Technology traded up 4.24% to $40.85 per share on Wednesday. The stock has a 52-week high of $41.08 and a 52-week low of $16.45.

Loading...
Loading...
MRVL Logo
MRVLMarvell Technology Inc
$72.70-0.90%

Stock Score Locked: Edge Members Only

Benzinga Rankings give you vital metrics on any stock – anytime.

Unlock Rankings
Edge Rankings
Momentum
17.57
Growth
20.74
Quality
N/A
Value
17.33
Price Trend
Short
Medium
Long
Market News and Data brought to you by Benzinga APIs
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm

Comments
Loading...